Independence Realty Trust (NYSE:IRT) Sets New 52-Week Low – Time to Sell?

Independence Realty Trust, Inc. (NYSE:IRT) hit a new 52-week low on Friday . The stock traded as low as $14.71 and last traded at $14.73, with a volume of 37134 shares traded. The stock had previously closed at $15.00.

Analyst Upgrades and Downgrades

IRT has been the topic of a number of recent research reports. Wells Fargo & Company cut their target price on Independence Realty Trust from $20.00 to $19.00 and set an “overweight” rating on the stock in a research note on Thursday, March 5th. Citigroup reaffirmed an “outperform” rating on shares of Independence Realty Trust in a report on Friday, January 9th. Zacks Research upgraded shares of Independence Realty Trust from a “strong sell” rating to a “hold” rating in a research report on Monday, March 23rd. Weiss Ratings reissued a “hold (c)” rating on shares of Independence Realty Trust in a research note on Monday, December 29th. Finally, KeyCorp decreased their target price on shares of Independence Realty Trust from $22.00 to $21.00 and set an “overweight” rating for the company in a research report on Thursday, December 4th. Seven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $20.61.

Independence Realty Trust Stock Down 1.5%

The firm has a market cap of $3.48 billion, a price-to-earnings ratio of 61.56, a price-to-earnings-growth ratio of 1.64 and a beta of 0.99. The stock’s 50 day moving average is $16.32 and its 200 day moving average is $16.60.

Independence Realty Trust (NYSE:IRT) last released its earnings results on Wednesday, February 11th. The real estate investment trust reported $0.32 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.32. The firm had revenue of $167.13 million during the quarter, compared to the consensus estimate of $170.26 million. Independence Realty Trust had a return on equity of 1.58% and a net margin of 8.60%.The firm’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.32 earnings per share. Analysts anticipate that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 17th. Stockholders of record on Friday, March 27th will be issued a $0.17 dividend. The ex-dividend date is Friday, March 27th. This represents a $0.68 annualized dividend and a dividend yield of 4.6%. Independence Realty Trust’s dividend payout ratio is 283.33%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. IFM Investors Pty Ltd lifted its holdings in Independence Realty Trust by 1.6% in the 4th quarter. IFM Investors Pty Ltd now owns 38,532 shares of the real estate investment trust’s stock valued at $674,000 after acquiring an additional 607 shares during the last quarter. Perigon Wealth Management LLC boosted its position in shares of Independence Realty Trust by 5.6% during the 3rd quarter. Perigon Wealth Management LLC now owns 12,357 shares of the real estate investment trust’s stock valued at $203,000 after purchasing an additional 658 shares in the last quarter. Global Retirement Partners LLC grew its stake in shares of Independence Realty Trust by 15.9% in the 4th quarter. Global Retirement Partners LLC now owns 4,921 shares of the real estate investment trust’s stock worth $86,000 after purchasing an additional 676 shares during the last quarter. CWM LLC raised its holdings in shares of Independence Realty Trust by 1.8% in the 4th quarter. CWM LLC now owns 39,365 shares of the real estate investment trust’s stock worth $688,000 after purchasing an additional 712 shares in the last quarter. Finally, Huntington National Bank raised its holdings in shares of Independence Realty Trust by 46.4% in the 3rd quarter. Huntington National Bank now owns 2,289 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 725 shares in the last quarter. 88.25% of the stock is owned by institutional investors and hedge funds.

Independence Realty Trust Company Profile

Independence Realty Trust is a self-administered equity real estate investment trust that acquires, redevelops and manages multi-family communities. The company focuses on workforce housing, targeting Class A and B garden-style apartments in suburban and urban infill locations. Its core activities include sourcing value-add acquisitions, overseeing property renovations and delivering in-house property management services to optimize rental income and occupancy levels.

Headquartered in Wayne, Pennsylvania, Independence Realty Trust maintains a geographically diverse portfolio across several high-growth U.S.